Investor and crypto analyst Rekt Capital believes that the price of Bitcoin (BTC) could fall to $37,000 soon.
According to the expert, BTC’s drop of more than $5,000 from current levels can be viewed as a healthy recovery. He recalled that the first cryptocurrency has experienced similar price movements and such patterns have contributed to the overall health of the cryptocurrency market in the past.
Additionally, as the BTC halving approaches, deeper corrections during this period could provide investors with excellent bargaining opportunities.
#BTC
The new monthly closing is here
The last two times Bitcoin retested around $41,000 (blue) as support, the price resulted in volatile retests
Upon retesting, the downside wicks fell to around the $37,000 area
History suggests that a drop to around $37,000 would be healthy. $BTC #Crypto #Bitcoin pic.twitter.com/AVBF7WYAYL
– Rekt Capital (@rektcapital) January 1, 2024
Currently, the price of BTC is $42,500. Over the past year, the premier cryptocurrency has surged nearly 160% from a price of $16,600 at the start of last year. However, Bitcoin has not shown any significant price changes in the past month.
QCP Capital analysts also spoke about the decline in the price of Bitcoin in January. According to them, the launch of the first spot Bitcoin exchange-traded fund (ETF) is less than three weeks away. The approval could be announced at the close of trading on January 5 or between January 8 and January 10, 2024.
Companies like Bitwise, Valkyrie, Fidelity Investments, ARK Invest, Grayscale and others are also awaiting approval of applications for spot Bitcoin ETFs from the Securities and Exchange Commission. The deadline for the regulator to make a decision on Bitcoin ETF applications is set for January.
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